Press release
United Airlines Announces First-Quarter Financial Results: Continues to See Strong Demand for Air Travel
Generated record high quarterly operating cash flow of over $3 billion Achieved the lowest mainline flight and seat cancellation rates of any U.S. airline
About this update from United Airlines Holdings, Inc.
[{"type":"text","content":"Generated record high quarterly operating cash flow of over $3 billion\nAchieved the lowest mainline flight and seat cancellation rates of any U.S. airline despite having the most flights impacted by weather\nQ2 adjusted diluted EPS1 target of $3.50 to $4.00; reiterating full-year adjusted diluted EPS1 target of $10 to $12 \nSeeing strong international demand in Q2; international expansion twice the rate of domestic\nCost trajectory on track for full-year flat CASM-ex2 target\nCHICAGO, April 18, 2023 /PRNewswire/ -- United Airlines (UAL) today reported first-quarter 2023 financial results. The company reported a $256 million pre-tax loss, consistent with expectations provided in March. The company grew total operating revenue by 51.1% compared to first quarter 2022 and total revenue per available seat mile (TRASM) by 22.5%. Cost per available seat mile (CASM) increased 4.0%, while CASM-ex2 came in at down 0.1%, better than guidance due to strong operational reliability that produced available seat miles (ASMs) 23.4% higher than the first quarter of 2022. The company remains confident in the 2023 United Next adjusted diluted earnings per share1 target of $10 to $12.\n\"I am extremely proud of the United team's performance during the first quarter of 2023. Our industry-leading operational performance contributed to an all-time high operating cash flow in the first quarter and keeps us on track to achieve our cost targets for the full year,\" said United Airlines CEO Scott Kirby. \"We are watching the macroeconomic risks carefully, but demand remains strong, especially internationally, where we are growing at twice the domestic rate. We expect all of these factors will keep us on track to achieve our full-year adjusted diluted EPS1 target.\"\nFirst-Quarter Financial Results\nNet loss of $194 million, adjusted net loss3 of $207 million.Capacity up 23.4% compared to first-quarter 2022.Total operating revenue of $11.4 billion, up 51.1% compared to first-quarter 2022.TRASM up 22.5% compared to first-quarter 2022.CASM up 4.0%, and CASM-ex2 down 0.1%, compared to first-quarter 2022.Diluted loss per share of $0.59, adjusted diluted loss per share1 of $0.63.Average fuel price per gallon of $3.33.Reduced adjusted total debt3 by $4.6 billion in the last 12 months.Key Highlights\nUnited reached a tentative agreement with the International Ass...